CAMBRIASHAREHOLDERYIELD ETF

As of 6/30/24 SYLD received a 4-star overall rating, 3 years a 2-star rating, 5
years a 5-star rating, and 10 years a 5-star rating based on risk adjusted returns
out of 374, 374, 360, 281 funds respectively in the Mid-Cap Value category.

Why a Shareholder Yield Strategy?
Focuses on Companies
Returning Cash to
Shareholders
A shareholder yield investment
strategy focuses on three attributes
that return value to shareholders- dividends, buybacks, and debt
reduction. All three methods areways a company can distribute cash.

Growth Characteristics
Comparing stocks with positive
shareholder yields versus stocks
with the highest dividend yields
may provide more attractive growth
characteristics and stronger, more
resilient balance sheets.

Buybacks Don’t Trigger
Taxable Events
Unlike dividends which may triggera taxable event to shareholders,
corporate share buybacks arecamouflaged in the company’smarket price. This makes buybacks
an effective way to return profits toshareholders rather than the obvious
dividend payment.

What is Shareholder Yield:
Shareholder yield refers to how much money shareholders receive from a company
in the form of cash dividends, net share repurchases (buybacks), and net debt
reduction.

$

CASH
DIVIDENDS

NET SHARE
REPURCHASES$NET DEBTREDUCTION$

How is Shareholder Yield Calculated:

Shareholder
Yield

=

Cash
Dividends+

Net Share
Repurchases+

Net Debt
Reduction

MarketCapitalization

Determining Shareholder Yield(hypothetical company example):
Cash Dividends Paid
$1,000,000

Share Repurchases$150,000Net Debt Reduction$1,000,000

Share Issuances$30,000

Shares Outstanding
1,000,000
Price Per Share$30

Based on this information:$1,000,000

Shareholder
Yield

=

+ ($150,000 - $30,000) + $1,000,000
1,000,000 x $30= 7.07%

Why SYLD?
SYLDS&P 500 Index

Dividend Yield

2.8%

Dividend Yield

1.4%

Net Payout Yield

7.6%

Net Payout Yield

1.8%

Shareholder Yield

7.0%

Shareholder Yield

0.3%

SOURCE: Bloomberg, Morningstar, Cambria as of 6/30/24. At the portfolio level, Net Payout Yield and Shareholder Yield are calculated based on a 12 month look back for each holding in theportfolio as of the previous quarter end.

Shareholder Yield on Top 10 Company Holdings: SYLD vs Benchmark
SYLD Top 10
Company Holdings

WeightDividend
Yield

Net Payout
Yield

Shareholder
Yield

S&P 500 Index Top 10
Company Holdings

WeightDividend
Yield

Net Payout
Yield

Shareholder
Yield

Adtalem Global Education Inc

1.4%

0.0%

13.8%

14.6%

Microsoft Corp

7.2%

0.7%

0.7%

-0.1%

REV Group Inc

1.4%

14.5%

27.2%

27.5%

NVIDIA Corp

5.9%

0.0%

0.4%

0.5%

CONSOL Energy Inc

1.3%

2.6%

16.0%

17.5%

Apple Inc

5.0%

0.5%

3.0%

3.1%

Sylvamo Corp

1.2%

2.3%

5.6%

5.8%

Amazon.com Inc

3.9%

0.0%

-1.4%

-1.4%

TD SYNNEX Corp

1.2%

1.3%

7.1%

4.3%

Meta Platforms Inc Class A

2.6%

0.2%

1.1%

1.1%

Brady Corp

1.2%

1.6%

5.9%

5.1%

Alphabet Inc Class A

2.1%

0.1%

1.2%

1.3%

Victory Capital Holdings Inc

1.2%

3.1%

6.3%

6.3%

Alphabet Inc Class C

1.8%

0.1%

4.5%

4.5%

Encore Wire Corp

1.2%

0.0%

10.1%

10.1%

Berkshire Hathaway Inc Class B

1.7%

0.0%

-1.2%

-0.9%

Jefferies Financial Group Inc

1.2%

2.7%

11.1%

6.0%

Eli Lilly and Co

1.4%

0.5%

0.4%

-0.4%

Fox Corp

1.1%

1.7%

15.8%

18.0%

Broadcom Inc

1.4%

1.3%

-11.5%-16.2%

2.0%

10.6%

8.2%

MEDIAN

0.2%

0.6%

0.2%

MEDIAN
SOURCE: Bloomberg, Morningstar, Cambria. 6/30/24.

New Positions as of Most Recent Rebalance

Lower Valuations than Category Average & S&P 500

WeightDividend
Yield

Net Payout
Yield

Shareholder
Yield

ARCH RESOURCES INC

1.0%

5.7%

8.0%

7.9%

H&R BLOCK INC

1.0%

2.5%

10.9%

11.9%

LENNAR CORP-A

1.0%

0.9%

5.2%

HELMERICH & PAYNE

1.0%

4.3%

MURPHY OIL CORP

1.0%

UGI CORPSYLD

Morningstar Mid-Cap
Value Category

S&P 500 Index

Price / Earnings

10.24

16.23

26.54

Price / Book

1.59

2.1

4.62

30.3%

Price / Sales

0.65

1.24

3.02

8.1%

8.1%

Price / Cash Flow

5.68

9.81

18.13

2.5%

4.7%

9.4%

Price / Free Cash Flow

10.05

23.64

32.47

1.0%

6.1%

6.0%

6.0%

SOURCE: Morningstar 6/30/24. Valuation measures are calculated using only the long position
holdings of the portfolio. Oldest share class used for category average.

PAYPAL HOLDINGS INC

1.0%

0.0%

6.2%

79.9%

KOHLS CORP

1.0%

6.9%

6.3%

9.0%

BORGWARNER INC

1.0%

1.4%

4.2%

22.2%

CLEVELAND-CLIFFS INC

1.0%

0.0%

7.7%

11.7%

2.5%

6.3%

10.6%

MEDIAN
SOURCE: Bloomberg, Cambria. 6/30/24.

SYLD Hypothetical Growth of $10,000 Since Inception

Lower Expenses Than Category Average
SYLD Gross & Prospectus Net ExpenseRatio

0.59%

Morningstar Mid-Cap Value Category Average Net Expense Ratio

0.95%

Morningstar Mid-Cap Value Category Average Gross Expense Ratio

1.18%

SOURCE: Morningstar 6/30/24.

Since Inception (5/14/13 - 6/30/24)$40,000$30,000$20,000$10,000$0
5/14/13

4/17/15

1/16/17

SOURCE: Morningstar. Past performance does not guarantee future results.

10/21/18

9/21/20

7/1/22

5/30/24

Why SYLD?
Differentiated Sector Allocation vs S&P 500 Index
Sectors

SYLD

S&P 500 Index

Difference

Energy

21.7%

3.6%

18.1%

Consumer Discretionary

18.6%

10.0%

8.6%

Financials

17.5%

12.4%

5.1%

Materials

16.6%

2.2%

14.4%

Industrials

12.3%

8.1%

4.2%

Communication Services

4.2%

9.3%

-5.1%

Technology

4.0%

32.4%

-28.4%

Health Care

2.0%

11.7%

-9.7%

Consumer Staples

2.0%

5.8%

-3.8%

Utilities

1.0%

2.3%

-1.3%

2.2%

-2.2%

Real Estate
SOURCE: Bloomberg, S&P Global, Cambria 6/30/24.

Market Cap Breakdown
As of 6/30/24

As of 3/31/24

7.3%

8.0%
39.1%

53.6%

Asset Allocation

43.9%
48.0%

As of 6/30/24

As of 3/31/24

Change from
Previous Quarter

Large Cap > $10B

39.1%

43.9%

-4.8%

Mid Cap $10B to $2B

53.6%

48.0%

5.6%

Small Cap < $2B

7.3%

8.0%

-0.7%

SOURCE: Bloomberg, Cambria 6/30/24.

SYLD Sector Weight Changes
As of 6/30/24

Sector Weights 6/30/24

21.7%
12.3%

18.6%

16.6%
17.5%

As of 3/31/24

22.7%

9.9%

18.5%

17.7%

Energy21.7%

Energy

22.7%

-1.0%

Consumer Discretionary

18.6%

Consumer Discretionary

17.7%

0.9%

Financials

17.5%

Financials

19.5%

-2.0%

Materials
15.1%

16.6%

Materials

18.5%

-1.9%

Industrials

12.3%

Industrials

9.9%

2.4%

Communication Services

4.2%

Communication Services

2.7%

1.5%

Technology

4.0%Technology

2.2%

1.8%

Health Care

2.0%

Health Care

5.9%

-3.9%

Consumer Staples

2.0%

Consumer Staples

0.9%

1.1%

Utilities

1.0%

Utilities

0.0%

1.0%

SOURCE: Bloomberg, Cambria 6/30/24.

19.5%

Change from
Previous Quarter

Sector Weights 3/31/24

Why SYLD?
SYLD Valuation Premium/Discount vs. S&P 500 Index (5/14/13 - 6/30/24)

Valuation Premium/Discount

10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
-70%
-80%
2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

SYLD Valuation Premium/Discount vs. S&P 500 Index (Price/Earnings Ratio TTM)
SOURCE: Morningstar, Cambria as of 6/30/24.

3-Year Performance Metrics (4/1/21 - 6/30/24)
Standard
Deviation

Correlation

Sharpe Ratio

Sortino Ratio

Alpha

Beta

Up Capture
Ratio

Down Capture
Ratio

Cambria Shareholder Yield ETF

21.65

0.79

0.16

0.25

-3.97

0.96

77.77

91.11

Morningstar Mid-Cap Value Category Average

18.58

0.88

0.16

0.25

-4.16

0.92

79.82

93.68

S&P 500 TR Index

17.86

1.00

0.44

0.66

0.00

1.00

100.00100.005-Year Performance Metrics (4/1/19 - 6/30/24)

Cambria Shareholder Yield ETF

Standard
Deviation

Correlation

SharpeRatio

Sortino Ratio

Alpha

Beta

Up Capture
Ratio

Down Capture
Ratio

26.62

0.80

0.62

0.98

0.55

1.19

104.72102.11Morningstar Mid-Cap Value Category Average

21.38

0.89

0.41

0.60

-5.38

1.06

89.69

109.30

S&P 500 TR Index

18.08

1.00

0.74

1.16

0.00

1.00

100.00100.00

10-Year Performance Metrics (4/1/14 - 6/30/24)

Cambria Shareholder Yield ETF

Standard
Deviation

Correlation

SharpeRatio

Sortino Ratio

Alpha

Beta

Up Capture
Ratio

Down Capture
Ratio

21.31

0.83

0.54

0.85

-2.03

1.16

99.78

107.35Morningstar Mid-Cap Value Category Average

17.77

0.91

0.39

0.57

-5.35

1.05

87.91

111.68

S&P 500 TR Index

15.31

1.00

0.77

1.20

0.00

1.00

100.00100.00SOURCE: Morningstar. Calculation benchmark for the 3-, 5, and 10-year time frame is the S&P 500 Index.

Performance as of 6/30/24
1 Year

3 Year

5 Year10 YearAnnualized Since Inception
12.54%

Cambria Shareholder Yield ETF NAV

14.03%

4.73%

16.35%

11.49%

Cambria Shareholder Yield ETF Price

14.03%

4.73%

16.38%

11.50%

12.55%

S&P 500 TR Index

24.56%

10.01%

15.05%

12.86%

13.56%

Morningstar Mid-Cap Value Category Average

11.57%

5.15%

9.17%

7.29%

9.03%

Morningstar Percentile Rank

Top 31%

Top 57%

Top 1%

Top 1%

Top 1%

Gross and net expense ratio: 0.59%. SYLD inception date 5/14/2013. Cambria Shareholder Yield ETF was rated against the following number of U.S. domiciled Mid-Cap
Value funds over the following time periods as of 6/30/24: 395 funds in the last one year, 386 funds in the last three years, 380 funds in the last five years, 342 funds
in the last ten years, and 318 funds since inception. Morningstar Ranking/Number of Funds in Category displays the Fund’s actual rank within its Morningstar Category
based on average annual total return and number of funds in that Category. The return assumes reinvestment of dividends and do not reflect any applicable sales
charge. Morningstar Percentile Rankings are the Fund’s total return rank relative to all funds in the same Morningstar category, where 1 is he highest percentile and 100
is the lowest percentile. The performance data quoted represents past performance.
Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, whenredeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performancedata current to the most recent month end, please call 855-383-4636 (ETF INFO) or visit www.cambriafunds.com. Current performance may be higher or lower
than the performance quoted. Market price returns are based upon the midpoint of the bid/ask spread at 4:00 Eastern Time and do not represent the returns you
would receive if you traded shares at other times.

SYLD Investment Methodology

Universe

Cambria begins with a broad universe of US stocks selecting thosethat pass certain liquidity and price requirements.

Divdends & Buybacks

Cambria selects the stocks in the top 20% of the universe by yield acrossdividends and buybacks.

Valuation, Quality& Leverage

Shareholder Yield

Momentumand Trend

FinalConstruction

Quarterly
Rebalancing

Cambria then uses a valuation ensemble across a number of factors – suchas price to cash flow, price to book and enterprise value to EBITDA (Earnings
Before Interest, Taxes, Depreciation and Amortization) - to screen for stocks
trading below intrinsic value. As part of this step, Cambria also excludes other
outlier stocks based on quality and leverage metrics.

Cambria further shrinks the universe to isolate the top shareholder yieldstocks — companies registering the highest in cash dividend payments,
share repurchases, and debt retirement.

Cambria does a final sort based on momentum and trend indicators toposition the portfolio in the strongest-performing shareholder yield stocks.

The portfolio is then tuned to ensure no overconcentration in any one
industry sector, and that the portfolio targets equal weighting acrossapproximately 100 stocks.

The portfolio is rebalanced quarterly.

To learn more about how to incorporate SYLD into your portfolio,
contact your financial advisor or visit www.cambriafunds.com

This material must be preceded or accompanied by the fund prospectus.
To view the prospectus electronically, please follow the link to the statutory
prospectus here.
To determine if the Fund is an appropriate investment for you, carefully consider
the Fund’s investment objectives, risk factors, charges and expenses before
investing. Read the prospectus carefully before investing or sending money.
The Cambria ETFs are distributed by ALPS Distributors Inc., 1290 Broadway,
Suite 1000, Denver, CO 80203, which is not affiliated with Cambria Investment
Management, LP, the Investment Adviser for the Fund.
ETFs are subject to commission costs each time a “buy” or “sell” is executed.
Depending on the amount of trading activity, the low costs of ETFs may beoutweighed by commissions and related trading costs. Shares are bought and sold atmarket price (closing price) not net asset value (NAV) are not individually redeemedfrom the Fund. Market price returns are based on the midpoint of the bid/ask spreadat 4:00 pm Eastern Time (when NAV is normally determined), and do not represent
the return you would receive if you traded at other times. Buying and selling shares
will result in brokerage commissions. Brokerage commissions will reduce returns.
SYLD: There is no guarantee that a Fund will achieve its investment goal. Investing
involves risk, including the possible loss of principal. High yielding stocks are often
speculative, high-risk investments. The underlying holdings of the Funds may beleveraged, which will expose the holding to higher volatility and may accelerate
the impact of any losses. These companies can be paying out more than they can
support and may reduce their dividends or stop paying dividends at any time, which
could have a material adverse effect on the stock price of these companies andthe Fund’s performance. Investments in smaller companies typically exhibit higher
volatility. Narrowly focused funds typically exhibit higher volatility.
SYLD is actively managed.
S&P 500 Index: An index of 500 stocks chosen for market size, liquidity and industry
grouping, among other factors. The S&P 500 is designed to be a leading indicator of
U.S. equities and is meant to reflect the risk/return characteristics of the large cap
universe.
Standard Deviation: Statistic that measures the dispersion of a dataset relative to
its mean.
Correlation: Statistic that measures the degree to which two variables move in
relation to each other.
Sharpe Ratio: Divides a portfolio’s excess returns by a measure of its volatility toassess risk-adjusted performance. Generally, the higher the Sharpe ratio, the more
attractive the risk-adjusted return.
Sortino Ratio: Statistic that differs from the Sharpe ratio in that it only considers thestandard deviation of the downside risk, rather that of the entire (upside + downside)risk. Generally, the higher the Sortino ratio, the more attractive the risk-adjusted
return.
Alpha: Refers to the excess returns earned on an investment above the benchmark
return when adjusted for risk.
Beta: Measures the volatility, or systematic risk, of a portfolio compared to themarket as a whole.
Up Capture Ratio: Measures an investment manager’s relative performance duringbull markets.
Down Capture Ratio: Measures an investment manager’s relative performance during
bear markets.
Dividends: The distribution of reward from a portion of the company’s earnings andis paid to a class of its shareholders. Dividends can be issued as cash payments or as
shares of stock, though cash dividends are the most common.
Dividend Yield: Generally, the total interest and dividend payments over a specifictime period divided by the most recent period’s ending share price.

Buybacks: Also known as share repurchase. When a company buys its own
outstanding shares to reduce the number of shares available on the open market,
thus increasing the proportion of shares owned by investors. Companies buy backshares for a number of reasons, such as to increase the value of remaining sharesavailable by reducing the supply or to prevent other shareholders from taking acontrolling stake.
Buyback Yield: Generally, the dollar value of net buybacks over a specific time period
divided by the company’s total market capitalization.
Net Debt Paydown: When a company repays in debt exceeds the amount it currently
borrows.
Long Position: A position in a security in which one buys and owns the security.
Price/earnings ratio (P/E Ratio): The ratio of a company’s stock price to thecompany’s per share earnings.
Price/book ratio (P/B Ratio): The ratio of a company’s stock price to the company’sbook value.
Price/sales ratio (P/S Ratio): The ratio of a company’s stock price to the company’s
revenue.
Price/cash flow ratio (P/CF Ratio): The ratio of a company’s stock price to thecompany’s per share cash flow.
Price/free cash flow ratio (P/FCF Ratio): The ratio of a company’s stock price to thecompany’s per share free cash flow.
Enterprise Value/EBITDA: The ratio of a company’s enterprise value (A measure of acompany’s total value) to the company’s earnings be fore interest, taxes, depreciation
and amortization
Net Payout Yield is the sum of TTM Dividend Yield plus Net Share Repurchase Yield.
Shareholder Yield is the sum of TTM Dividend Yield plus Net Share Repurchase Yield
plus Debt Paydown Yield.
Net Share Repurchase Yield is defined as the change in total shares outstanding
over the past year.
Debt Paydown Yield is defined as the change in total debt over the past year divided
by market cap.
At the portfolio level, Net Payout Yield and Shareholder Yield are calculated based on
a 12 month look back for each holding.
© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1)is proprietary to Morningstar and/or its content providers; (2) may not be copiedor distributed; and (3) is not warranted to be accurate, complete or timely. Neither
Morningstar nor its content providers are responsible for any damages or losses
arising from any use of this information. Past performance is no guarantee of future
results.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed
products (including mutual funds, variable annuity and variable life subaccounts,
exchange-traded funds, closed end funds, and separate accounts) with at leasta three-year history. Exchange-traded funds and open-ended mutual funds are
considered a single population for comparative purposes. It is calculated basedon a Morningstar Risk-Adjusted Return measure that accounts for variation ina managed product’s monthly excess performance, placing more emphasis on
downward variations and rewarding consistent performance. The Morningstar
Rating does not include any adjustment for sales loads. The top 10% of products ineach product category receive 5 stars, the next 22.5% receive 4 stars, the next 35%
receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.
The Overall Morningstar Rating for a managed product is derived from a weighted
average of the performance figures associated with its three-, five-, and 10-year (ifapplicable) Morningstar Rating metrics. The weights are: 100% three-year rating for
36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119
months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year
rating for 120 or more months of total returns. While the 10-year overall star rating
formula seems to give the most weight to the 10-year period, the most recent threeyear period actually has the greatest impact because it is included in all three rating
periods. Past performance is no guarantee of future results.

Cambria Investment Management, LP
3300 Highland Ave | Manhattan Beach, CA 90266 | (310) 683-5500 | www.cambriafunds.com
CBM001684